Indian workers hit new job streets Sep 13, 2009
In Uganda, we have an open capital account and all visas are issued on arrival. The country is also racially integrated and the historic ties that the country has with India helps Indians to settle in very easily, says Ms Madhvani. (India Times)
Wen: RMB yet to become int'l currency Sep 12, 2009
The status of RMB has been enhanced on the global market, but it is only convertible under the trade account, not under the capital account, he said on Thursday, when answering questions at an entrepreneur symposium after delivering a speech at the opening ceremony of the Summer Davos in Dalian. "We need to have a correct view of ourselves when pushing forward the internationalization of RMB," Wen said. (Xinhuanet, China)
Vital sign for securities market Sep 9, 2009
This is not only a designated process in opening China's capital account, but also an endeavor to coordinate with the relevant departments to boost the development of the domestic capital market. This is an appropriate time to formulate the new rules. (Xinhuanet, China)
China to Raise Limit on Stock Investments by Foreign Funds to $1 Billion Sep 5, 2009
We have raised the limit for each fund to $1 billion within the current total $30 billion size of all funds to encourage more good investors to come in, said Chu Yumei, deputy head of the capital account department at the regulator. Well grant new quota under the existing total limit. (Bloomberg -- Asia)
Size matters Aug 31, 2009
And some global-size banks would be essential as India moves towards fuller capital account convertibilty. There is a certain inevitability about this evolutionary process among Indian banks. (India Times)
Two more banks get sanctioned Aug 29, 2009
Twice last year, the FDIC said, the bank s holding company borrowed $500,000 from a board member and injected the money into the bank s surplus capital account. A short time later, the bank paid a dividend to the holding company, which repaid the loan to the board member. (Atlanta Journal-Constitution -- Business)
South Korea's current account surplus shrinks in July Aug 28, 2009
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Dwelling House: Tight ship to nightmare Aug 24, 2009
But at some point their system of checks and balances became so weak that no one apparently noticed millions of dollars being systematically funneled out of the bank's capital account over more than a year ... Dwelling House officials have said cyberthieves were able to tap into their computer system and electronically transmit from $3 million to $4 million out of the capital account. (Pittsburgh Post-Gazette, PA)
China's Yu Seeks Free-Floating Yuan as Government Encouraged to Slow Sales Aug 21, 2009
The capital account, which measures investment flows, fell 54 percent to $33. 1 billion in the six months ended June, according to the agencys data. (Bloomberg -- Asia)
PNC takes over Dwelling House Aug 18, 2009
" Office of Thrift Supervision officials five years ago warned Dwelling House management to stop letting prisoners make electronic transactions and to limit prisoner deposits to $25. The thrift apparently continued to violate the federal order, according to OTS enforcement records. The thrift's problems deepened when $3 million in fraudulent electronic withdrawals cleaned out Dwelling House's capital account over more than a one-year period. Bank officers blamed the losses on an organized ring... (Pittsburgh Post-Gazette, PA)
Feds shut down Hill District S&L Aug 15, 2009
Dwelling House was the lender of first and last resort for two generations of black families in the Pittsburgh community, but it suffered a severe blow to its stability late last year when federal auditors discovered that about $3 million had been drained out of its capital account and the bank was actually operating with $500,000 in negative equity. Bank officers blamed the heavy losses on the work of a ring of cyber thieves. (Pittsburgh Post-Gazette, PA)
Money doesn't make the world go round Aug 12, 2009
Since 1994, capital account crises, globally, have become appallingly frequent. There is a good reason for this. (Sydney Morning Herald -- Business)
* Premier raises eyebrows with yuan forex comment Aug 8, 2009
Earlier yesterday, when approached by reporters for comment, Chiu said the yuan was not an internationally circulated currency because China has not opened its capital account. We are unable to find out whether [China] will open its capital account or predict the degree of circulation of Chinese yuan in the future. (Taipei Times, Taiwan)
SKorea posts record surplus of almost US$22b in H1 2009 Jul 29, 2009
com - SKorea posts record surplus of almost US#dollar;22b in H1 2009. SKorea posts record surplus of almost US 22b in H1 2009 Posted: 29 July 2009 1005 hrs. (Channelnewsasia.com)
$2.4M in KIUC refunds on their way (289) Jul 20, 2009
Published: Sunday, July 19, 2009 2:11 AM HST LIHU E The Kaua i Island Utility Cooperative announced Friday it will begin delivering 2008 patronage capital refund checks and updated patronage capital account information to its members as early as next week. This year s refunds amount to $2. (Lihue Garden Island, HA)
CRR may need to be hiked now: Tarapore Jul 17, 2009
Besides being the deputy governor, Mr Tarapore has been a member of the monetary policy committee and also headed several panels, including two on capital account convertibility. The former deputy governor warned that the unused multiple refinance facilities, which are in the region of Rs 1,76,000 crore should be quickly withdrawn as such large unutilised facilities are a peril to monetary policy. (India Times)
China simplifies rules on forex use Jul 16, 2009
The regulation was aimed at offering more freedom to domestic companies on their forex use, investment and financing and to encourage them to "go out of China", said Liu Guangxi, director of the SAFE's capital account management department. "Successful overseas investment could help domestic companies to expand their markets, providing solutions to overcapacity and weak internal demand," said Zhang Qizuo, vice president of the Sichuan-based Chengdu University. (Xinhuanet, China)
Dollar's futurein US hands Jul 2, 2009
"Neo-liberal globalization has promoted the illusion that trade is a win-win transaction for all, based on the Ricardian model of comparative advantage. Yet economists recognize that without global full employment, comparative advantage is merely Say's Law internationalized. Say's Law states that supply creates its own demand, but only under full employment, a pre-condition supply-siders conveniently ignore. After two decades, this illusion has been shattered by concrete data: poverty has... (Asia Times Online)
Market rally may prove deceptive Jun 26, 2009
In the East-Asian crisis, the problem was created not so much by portfolio outflows as by debt outflows and transfers of resident deposits to overseas accounts, thanks to capital account convertibility. Portfolio flows come in between FDI flows and debt flows when it comes to stability. (India Times)
Chinas impact on Hong Kong Jun 25, 2009
Abundant liquidity, low interest rates, and Chinas economic recovery have already brought an influx of funds into Hong Kong, she says, noting Chinas closed capital account means that international investors access Chinese stocks primarily through Hong Kong. You have viewed your allowance of free articles. (FT.com -- Markets)
Cyber thieves robbed Hill S&L Jun 25, 2009
" He would not name the banks involved. Mr. Haines said an audit conducted in December showed fraudulent automated clearing house withdrawals had occurred throughout 2008 and became more aggressive toward the end of the year, adding up to a total loss of about $3 million. Money is trickling back into Dwelling House's capital account each day as financial institutions reimburse the thrift for its losses, Mr. Haines said. So far about $1 million of the stolen funds has been recovered. "Every time... (Pittsburgh Post-Gazette, PA)
* Budgetary folly in difficult times Jun 22, 2009
Annual revenue and expenditure are divided into a current account and a capital account according to their nature. The current account has to be balanced each fiscal year with stable fiscal policy a priority, while the capital account is concerned with capital expenditure and involves active fiscal policies. (Taipei Times, Taiwan -- World)
Dollar-rupee futures volume shoots up 50% since launch Jun 19, 2009
Once the rupee becomes fully convertible on the capital account, volumes on OTC will get a further boost. . (India Times)
W.Bank sees faster China growth, slower FX reserve rise Jun 18, 2009
That is largely because the bank is now forecasting a whopping capital account deficit of 170 billion this year, driven by a variety of financial outflows including undisclosed transactions between the central bank and financial institutions and a growing stream of outbound foreign direct investment. These outflows already totaled 109 billion in the first quarter, limiting the increase in FX reserves in the January-March period to just 8 billion. (Yahoo News -- Press Releases)
A city on fast track to financial eminence Jun 16, 2009
In institutional environment, for instance, special attention could be (and in several cases, is already being) directed to capital account liberalization, corporate governance, legal and regulatory issues, contract enforcement, and domestic financial sector liberalization. Shanghai should not seek to emulate Wall Street and London as development models without reservations because it's the leading global financial hubs that contributed to the global financial crisis. (Xinhuanet, China)
Transcript of a Conference Call with Civil Society Organizations (CSOs) on the IMF Low-Income Countries (LIC) Facilities Review Jun 3, 2009
You could, of course, say that's a reflection that the emerging markets have much larger capital account exposure, and there is much more money that is flowing in and out. But I don't disagree with your basic claim that the amount of financing is very small. (IMF News)
S Korea posts current account surplus in April May 28, 2009
The capital account registered a net inflow of 2. 54 billion U.S. dollars last month, while it showed a net outflow of 2. (Xinhuanet, China)
Bank of Washington Approved for $20,000,000 in Federal Stimulus Funds May 27, 2009
"The funds are borrowed from the government to increase the capital account of the bank, which in turn allows the bank to accept as much as 10 times that amount in additional deposits. These funds can then be made available to the community in the form of loans to help stimulate the economy. "The Bank of Washington has always been classified as a well capitalized institution and continues to be so even without the additional capital. This will allow us to remain extremely well capitalized and... (Missourian Publishing, MO)
New FDI norms may be boon for Bharti May 26, 2009
RBI had asked the Department of Economic Affairs under the finance ministry in March to review the new FDI guidelines, as they could lead de facto to full capital account convertibility. Also, it was apprehended that foreign investments could find its way into restricted sectors through a back door route. (India Times)
blinkx PLC Announces Results for the Year Ended 31 March 2009 May 19, 2009
" Financial Highlights For the financial year ended 31 March 2009 (FY2009), revenues totaled $13.9 million increasing 113% over the $6.5 million in revenues reported for the period from 23 April (incorporation) through 31 March 2008 (FY2008) which contained 49 weeks of trading. Gross profit for FY2009 was $9.8 million representing a gross margin of 71%. Gross profit for FY2008 was $4.9 million, representing a gross margin of 75%. Net loss for the FY2009 was $8.9 million. Net loss for FY2008 was... (PR Newswire)
Has Ghana Lost 5 Years of her Development, or What?* May 17, 2009
A governments development paradigm informs its macroeconomic focuses, its private sector development strategy, its posture to taxation and tariffs, and its orientation to financial liberation matters, such as the liberalisation of the capital account, profit repatriation, business-related immigration, and of course public debt management, among others. These matters are crucial to serious investors considering Ghana as a destination for serious investment. (Ghana Web, Ghana)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Jordan May 16, 2009
They noted the staff s assessments that there is no clear evidence of real exchange rate misalignment, and that the risk of external instability from the capital account is mitigated by comfortable international reserves. Directors commended the authorities for taking prompt action in response to the FSAP Update. (IMF News)
U.S. risks "lost decade" due to half-steps: Krugman May 11, 2009
Krugman said China should not be in a rush to make the yuan, or renminbi (RMB), fully convertible or to liberalize its capital account; countries at a similar stage of development that have scrapped capital controls have run into trouble, he noted. "I'm not sure we're talking about a full-floating RMB," Krugman said. (Yahoo News -- Top Stories)
Basic Accounting for Buildings and ... Apr 30, 2009
To record the depreciation, a reserve account is set up to offset the capital account. This is known as an Allowance for Accumulated Depreciation. (Suite101.com)
State regulator foresees trouble with capital levels at several credit unions in Washington Apr 28, 2009
In addition, credit unions also held capital accounts, or investments in the corporate credit unions, that they now must write off. BECU, for example, held a capital account of $9. (Puget Sound Business Journal, WA)
IMF approves $US47b Mexico credit line Apr 18, 2009
"As the global situation has deteriorated, Mexican asset prices have fallen sharply in line with the global market sell off, and GDP growth has slowed sharply. "While Mexico's underlying fundamentals remain very strong, and the balance of payments position is manageable, the open capital account and close global financial linkages - on top of close trade links with the United States - could expose the country to potential downside risks," he said. The next potential customer is Poland, which has... (Sydney Morning Herald -- Business)
Press Release: IMF Executive Board Approves US$47 Billion Arrangement for Mexico Under the Flexible Credit Line Apr 18, 2009
While Mexico s underlying fundamentals remain very strong, and the balance of payments position is manageable, the open capital account and close global financial linkages on top of close trade links with the United States could expose the country to potential downside risks. The authorities have taken robust and timely measures to respond to the deteriorating global situation, including steps to maintain orderly functioning of domestic markets, and to facilitate the refinancing of corporate... (IMF News)
China's Stimulus: More of the Same, and Not That Much More Apr 18, 2009
An open capital account would, among other things, make it unnecessary to store capital in foreign bonds. The stimulus, however, will not serve to take the Chinese economy in a new direction but rather will reinforce its present structure. (MSNBC -- Business)
Gods, too, are taxed Apr 17, 2009
The US trade deficit narrowed - not all that surprising in a recession, but, still, an inherent assist in funding the huge capital account deficit caused by the gargantuan government borrowing being employed to fight the financial crisis. Two big homebuilders, Pulte and Centex, merged. (Asia Times Online)
Decouple the worldfrom the dollar Apr 16, 2009
Most countries that had a currency crisis in the 1990s experienced a speedy, V-shaped recovery mainly because the sharp capital account reversals they experienced provided an unambiguous market signal that asset price deflation had hit bottom and overshot, which led to a strong surge in capital inflow and a speedy end to the crisis. The trouble now is that no quick obvious market-driven bottom to asset price deflation can conceivably exist in the event of a dollar crisis because of the massive... (Asia Times Online)
AfDB Workshop on Financial Crisis Takes Place in Tunis Apr 14, 2009
Presentations on Capital Flows and Capital Account Liberalization in the Post-Financial Crisis Era, Domestic Resource Mobilization, Financial Sector Reforms and Regulation and the Impact of the Financial Crisis on the Manufacturing Sector, served as a basis for discussions during the workshop's five thematic sessions ... Capital Flows and Capital Account Liberalization in the Post-Financial Crisis Era-Policy Implications-Prof Murinde (342 KB). (allAfrica.com)
Chinese economy shows positive changes Apr 12, 2009
At present, China allows the yuan to become convertible under the current account and it will take a long time to realize full capital account convertibility for the Chinese yuan, he said. Answering a reporter's question on whether building Shanghai into an international financial hub will rival Hong Kong's financial status, Wen said the Chinese central government has always paid close attention to the development of Hong Kong's financial sector. (Xinhuanet, China)
China's foreign reserves hit $1.95 trillion at end of March Apr 11, 2009
Analysts said the smaller growth of foreign exchange reserves in the first quarter was related with changes in the value of non-U.S.-dollar assets and money flows under the capital account. In March alone, the foreign exchange reserves rose by 41. (Xinhuanet, China)
AfDB holds workshop on financial crisis Apr 10, 2009
Specific issues to be discussed at the workshop include, "Domestic resource mobilization"; "Capital flows and capital account liberalization;" "Financial sector reforms and regulation;" and "The impact of the crisis on the manufacturing sector". "The workshop is designed to create an opportunity for detailed technical discussions on the above issues, using empirical analyses as a guide in the search for sustainable solutions to the crisis as it affects Africa," AfDB said. (Ghana Web, Ghana)
Legislature, we've got your number Apr 9, 2009
The worst involves MARTA. It has tens of millions of dollars of its own money in a capital account that it can t legally tap. With its revenue from sales tax collections plummeting, the agency will have to cut operations severely unless that law is changed. (Atlanta Journal-Constitution -- Opinion)
DFW International Airport to Receive Stimulus Funds for Runway Renovations Apr 9, 2009
DFW will use the new funding for the second phase of its rehabilitation project on runway 13L/31R. The funding grant will go into a capital account specifically earmarked for airport improvements. Federal grants are not part of the Airport's annual operating budget. (PR Newswire)
Why devaluation is Singapores best option Apr 7, 2009
The central banks predicament has its roots in both Singapores openness to trade exports account for nearly 200% of economic output and its free capital account. This dilemma, referred to in economic jargon as the impossible trinity, states that because of its open capital account, Singapore can fix its currency or its interest rates, not both at the same time. (The Star Online, Malaysia -- Business)
Capital Account Deficit: Bad news for rupee and markets Apr 6, 2009
Worse still, the capital account has turned into deficit for the first time in a decade, thanks to the exodus of foreign institutional investors and a decline in foreign assets held by banks ... The capital account has recorded a deficit of $ 3 ... Huge net outflow of foreign portfolio investments, repayment of short-term credit and decline in foreign exchange assets with Indian banks turned the capital account balance into deficit. (India Times)
Public Information Notice: IMF Executive Board Has Preliminary Discussions on Access Limits, Charges and Maturities Apr 4, 2009
Some Directors considered that larger increases in access limits would be desirable given the severity and scope of the current crisis as well as the sizable financing required to meet capital account crises. Directors stressed, however, that higher access limits would need to be accompanied by a rigorous application of the exceptional access policy together with ensuring other essential safeguards for Fund resources. (IMF News)
The G-20's summit of fear Apr 2, 2009
Some of these institutions were established by the elite G-7 after the 1997 Asian financial crisis to come up with a new financial architecture that would prevent a repetition of the debacle brought about by IMF policies of capital account liberalization. But instead of coming up with safeguards, all these institutions bought the global financial elite's strategy of "self-regulation". (Asia Times Online)
Handle with care Apr 2, 2009
What makes matters worse is that for the first time in a decade, the capital account also shows a deficit signifying that the net inflows of capital in the third quarter were not sufficient to finance the current account deficit. This is both surprising and worrisome. (India Times)
Who will "feed" the U.S.? Apr 1, 2009
The U.S. is facing a capital account deficit of 148 ... Paradoxically, as the world's largest debtor with more than 20 years of consecutive years of trade deficit, the U.S. is witnessing, at the same time, a surplus in capital account and in capital inflows. (Xinhuanet, China)
RBI says growth above 8 pc sustainable Apr 1, 2009
Mohan said India would be cautious in moving towards fuller capital account convertibility for the rupee currency. "We have also looked at the fuller capital account convertibility and concluded its desirable, but we need to move with caution," he said. (India Times)
W.Bengal's credit raises questions Apr 1, 2009
Deficit in capital account for 2008-09 also rose to Rs 12,930 crore and budgeted for 2009-10 at Rs 19,938 crore. The state runs an estimated outstanding liability of Rs 1,46,563 crore as on March 31, 2009, third largest after Uttar Pradesh and Maharashtra. (India Times)
So far, so good Apr 1, 2009
On many issues greater opening up of the banking sector to foreign banks, capital account convertibility, caution regarding off-balance sheet items/over-the-counter derivatives and so on it toes the well-known RBI line which advocates calibrated liberalisation. The finance ministry had earlier wanted a faster pace of liberalisation in the financial sector. (India Times)
Restore cuts or lose $800M Mar 27, 2009
But most of that was in a separate soft capital account not part of basic state aid to education. And a constitutional requirement which mandates that basic state aid go up at least 2 percent a year likely offsets the latest cuts. (Sierra Vista Herald, AZ)
Press Release: IMF Overhauls Lending Framework Mar 25, 2009
The relevant criteria for the purposes of assessing qualification for an FCL arrangement include: (i) a sustainable external position; (ii) a capital account position dominated by private flows; (iii) a track record of steady sovereign access to international capital markets at favorable terms; (iv) a reserve position that is relatively comfortable when the FCL is requested on a precautionary basis; (v) sound public finances, including a sustainable public debt position; (vi) low and stable... (IMF News)
Conference Call on the International Monetary Fund’s Group of 20 Surveillance Note Mar 20, 2009
They face difficult external situations where capital flows have reversed and may need to tighten policies to reduce risks of a capital account crisis ... You talk about capital account pressures and so on and I see the growth you're projecting is pretty low but still not in recession. (IMF News)
The Financial Crisis-Strategies for Mitigating Its Impact in Africa-Tunis, 10 April 2009 Mar 19, 2009
In this context, the Bank is organising a workshop, on 10 April 2009, in Tunis, focusing on three areas: i) Domestic resource mobilisation, ii) Capital flows and capital account regulations and iii) Financial sector reforms. The objective of the workshop is to present an in-depth analysis of these issues discuss possible options for responding to the challenges of the global financial crisis. (allAfrica.com)
Morgan & Finnegan Files for Bankruptcy Mar 18, 2009
Morgan's bankruptcy papers says the firm is owed money from two former partners because of draws that exceeded their capital accounts ... Cadwalader partner Christopher Hughes, who previously to get his capital back, is listed with $275,000 in his capital account. (Law.com)
Kelso schools may be forced to tap capital account Mar 17, 2009
It would be the first time in at least 14 years the district would borrow from the capital account to meet ongoing operational costs. The capital account contains money for building and facilities expansions and upgrades. (Longview Daily News, WA)
Jordan--2009 Article IV Consultation: Concluding Statement of the IMF Mission Mar 17, 2009
The risk of external instability from the capital account is mitigated by the fact that external debt is almost entirely to official creditors and reserves are comfortable in relation to short-term liabilities, although the sharp increase in errors and omissions in the first half of 2008 is a concern. 8. (IMF News)
Throwing capitalism into the dustbin of history Mar 12, 2009
" It's not a step to be taken lightly, and it's not hard to understand why the Obama administration has declined, so far, to take the plunge. Andrew Leonard Monday, March 9, 2009 11:10 PDT No Treasury secretary in living memory has entered office with bigger economic problems, or faced as harsh a reaction, in his first month as has Tim Geithner. But can he really be fingered as the guy who started the global financial train wreck?That, essentially, is what the former prime minister of Australia,... (Salon)
How do you nationalize a multinational Godzilla? Mar 10, 2009
In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner's record in handling the Asian crisis: "Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to apply current account solutions to a capital account crisis.". What Keating means is that Geithner prescribed the classic, IMF medicine for ailing developing nations: In return for an... (Salon)
LETTER: Assessor's figures deserve scrutiny Mar 6, 2009
You may recall last spring's Town Meeting when a lady rose to ask why a train crossing study should be paid from a capital account requiring borrowing, while available cash was spent on the 375th. Mr. Markel candidly replied that he didn't have an answer, and Ms. Miles then explained that it was simply structured as a capital project and we couldn't spend cash on it. (Ipswich Chronicle, MA)
